Bitcoin slowly but surely fell to the level of July lows. The current border has repeatedly proved its strength. But this time, it is also possible that the quotes of the main cryptocurrency will test the level of 18,763 for strength.
The catalyst for an even deeper drop could be hawkish sentiment from the FOMC minutes on Wednesday, as well as a carefully anticipated inflation report on Thursday.
In the meantime, there is news of increased adoption of cryptocurrencies, which is good for the market in the long run. Let's consider them in more detail.
BNY Mellon launches bitcoin storage services
Bank of New York Mellon (BNY Mellon), the world's largest custodian bank, has launched a bitcoin custody service, according to a Wall Street Journal report.
America's oldest bank said it will begin receiving customers' cryptocurrencies on Tuesday, becoming the first major US bank to secure digital assets alongside traditional investments on the same platform.
"BNY Mellon received approval from the New York financial regulator this fall to begin receiving bitcoin and ether for select customers starting this week," the report said.
"The bank will hold the keys needed to access and transfer these assets and provide the same accounting services for these digital currencies that it offers to fund managers for their portfolios of stocks, bonds, commodities and other assets."
BNY Mellon is not the first to offer cryptocurrency-related services to customers.
Earlier in August, BlackRock, the world's largest asset management company with over $10 trillion under management, announced that it would begin offering bitcoin trading and storage in partnership with Coinbase.
The offer, available to BlackRock institutional clients, will facilitate trading and custodial transactions. Later that month, the asset manager shared that it was launching a private bitcoin trust to meet growing demand from clients.
"Bitcoin is the oldest, largest and most liquid crypto asset. It is currently the primary focus of interest for our clients in the digital investment space," BlackRock said at the time.
Google launches bitcoin payments
The second news came from Google. The company will begin accepting bitcoin and cryptocurrencies as payment for its cloud services early next year.
The internet giant announced on Tuesday that it has partnered with Coinbase, the largest cryptocurrency exchange in the US, to enable a new payment method.
"Powered by Coinbase Commerce, which enables merchants around the world to accept cryptocurrency payments in a decentralized way, the new payment experience will benefit Google Cloud customers and partners by making payments more selective for our services," Google said in a statement.
Thomas Kurian, CEO of Google Cloud, stated that the company's goal is to ensure that "all customers can seamlessly benefit from our scalability, reliability, security and data services" to focus on cryptocurrency innovation.
In addition, Google will use Coinbase Prime, the exchange's institutional platform for investing and storing cryptocurrencies. Although it is not yet clear exactly what services offered by the platform Google will use. In a statement, the company hinted at storage and reporting services.
The collaboration will also migrate Coinbase's global data platform to Google Cloud, allowing cryptocurrency developers to access public Google BigQuery datasets that will run on Coinbase's cloud nodes.
"The integration will allow developers to instantly and securely manage Web3-based systems without the need for costly and complex infrastructure," the announcement said.
